A case study of financial literacy and wellbeing of immigrants in Lloydminster, Canada.

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The sources of financial literacy education accessible to immigrants to Canada and the link between immigrant’s financial literacy and financial decisions could impact their welfare and Canada’s population growth negatively. The purpose of this qualitative exploratory case study was to explore sources of immigrant’s financial literacy education immediately they arrive Canada and the link between their financial knowledge and financial decisions. The life cycle hypothesis, rational choice theory, and bounded rationality theory grounded the study. Data collection from the purposeful sample included semi-structured face-to-face interviews with 13 adult immigrants and a focus group discussion with 6 adult immigrants, all of whom lived, worked, or owned a business in the city of Lloydminster. Data was collected between December 12 and December 19 2016. Using Yin’s 5 step data analytic procedure, the 6 themes that described the pattern between immigrant’s wellbeing and their financial literacy levels are social institutions, economic institutions, pressure impacting financial decisions, credit facility impacting financial decisions, emotions impacting financial decisions, and discount deals impacting financial decisions. The results from this qualitative study might trigger positive social change if immigrants to Canada develop their financial literacy levels and stay committed to making sensible financial decisions.

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Peeters, N., Rijk, K., Soetens, B., Storms, B. M. L., & Koen, H. (2018). A systematic literature review to identify successful elements for financial education and counseling in groups. The Journal of Consumer Affairs, 52(2), 415–440

About This Study:

Outcome(s): Financial Capabilities
Intervention(s): None
Intervention Duration: Not applicable
Relevant ORR Program: Not applicable
Study Type: Suggestive evidence
Full Text Availability: Free
Direction of Evidence: No evidence about impact
Strength of Evidence: Suggestive
Population(s): Other
Gender(s) of Participants: All
Age(s) of Participants: Adults
Region(s) of Origin of Participants: North America

Relevant Evidence Summaries:

The evidence was reviewed and included in the following summaries: